New Delhi: Cement manufacturer Dalmia Bharat today said its Rs 402 crore bid to acquire Murli Industries Ltd (MIL) has been approved by the Committee of Creditors (CoC) of the Nagpur-based company.
The resolution plan submitted by Dalmia Cement (Bharat) Ltd, a subsidiary of Dalmia Bharat, to CoC of MMIL under the Insolvency and Bankruptcy Code, 2016 was approved yesterday, the company said in a BSE filings.
“Committee of creditors of MIL had yesterday, December 20, 2017 approved the proposed resolution plan submitted by our subsidiary, DCBL for recommendation to NCLT Mumbai for its approval in relation to revival of MIL,” the company said.
It further added:” Following receipt of requisite approvals, the resolution plan provides for a payment of Rs 402 crore which is 1.7 times higher than the determined liquidation value.”
MIL has an integrated cement manufacturing plant with installed capacity of 3 million tons per annum in Chandrapur district of Maharashtra along with a captive thermal power plant of 50 MW.
In addition, MIL also has paper and solvent extraction units in Maharashtra.
MIL was reffered to the corporate insolvency process by its lenders in April 2017. It had interests in cement, paper, solvent, power and pulp.